Global Orthopedic Prosthetics Market Analysis
global orthopedic prosthetics market will exceed US$ 3.58 billion by the year 2032 from 2.14 billion in 2023. With a CAGR of 5.86 during 2024-2032, this growth is due to the technological development in prosthetics, the prevalence of orthopedic disorders, and a growing need for enhancing mobility, indicating the market’s growth and development.
Global Orthopedic Prosthetics Market Outlook
Orthopedic prosthetics are defined as the artificial limbs or appendages developed as limb substitutes for people with limb deficiency in order to enable them move and work. These prosthetics are a simple mechanical device to the most sophisticated; computer driven mechanism that mimic the normal functioning of a limb. They include artificial legs, arms, hands, and feet, that are instituted to suit the intended purpose of the user with a disability.The primary application of orthopedic prosthetics is to improve the overall health of the patient who has some abnormality or a missing limb as a result of trauma, diabetes, vascular diseases, cancer or birth defects. Contemporary prosthetics have integrated the designs carried by new technologies and materials like carbon fiber, microprocessors, and sensors in order to accumulate more control, comfort, and durability. These devices enable the client to carry out the day to day activities, participate in sporting activities and be mobile. Besides physiological returns, the use of orthopedic prosthetics has a positive influence on users’ psychological functioning due to the restoration of a normal limb and increase in self-esteem.
Driving forces for the Orthopedic Prosthetics Market
Technological Advancements
Fast advancement in technology places orthopedic prosthetics market growth on a higher scale. Technological advancement introduced the use of new raw materials like the carbon fiber, titanium that has enhanced the quality of the prosthetic devices both in terms of strength and utility. The combination of microprocessors and sensors also make the player’s movements to be natural and accurate to make the player enjoy the game. New technology in prosthetics allows the artificial limbs to move as naturally as those of human beings thus enabling the patients to have a good balance in their movements. Biomechanics and robotic research is an area of constant advancement and as such the technology being used in prosthetics is only bound to get even better with time and more user friendly. Such advancements mean that prosthetics is a more attractive and available market, which will increase its sales.Increasing Prevalence of Limb Loss
Decreasing major limb loss due to reasons such as diabetes, vascular diseases, injuries and congenital abnormalities is expected to propel orthopedic prosthetics market. With diabetes and cardiovascular diseases growing rampant in the global community the rate of amputations is also expected to rise especially among the dwindling elderly population. Other related factors include enhanced medical procedures and care for surgical operations that have enhanced the survival of patients with trauma and hence a higher request for prosthetic limbs. Amputees’ demand for convenient solutions to mobility issues guarantee market development and competition due to the assurance of demand for prosthetics.Growing Awareness and Accessibility
Greater per capita health consciousness, as well as enhanced availability, are key factors influencing the market’s expansion. Campaigns and advocacy by such organizations for persons with amputations have created awareness on the need to get a prosthetic device that can improve the lives of the amputees. Recent advancements and availabilities of better funds and insurance facility have helped increase the usability of prosthetic appliances across many areas. Further, innovations in the designs of affordable prosthetic devices have created cheaper solutions hence making them readily available to patients. These increased awareness and availability prompt more of the amputees to demand and acquire prosthetic limbs hence a larger market.Rising Geriatric Population
The major driver in this market is the growing population of the elderly people. With the increasing age, they develop conditions such as diabetes, peripheral vascular disease, and osteoporosis, and therefore have higher tendencies of developing limb amputation. It is also worth mentioning that elderly people require prosthesis for walking and other everyday activities, which significantly enhances the quality of their life. In addition, the improvements in the technology used in the prostheses ensure that the devices are ideal for elderly users since more closeness enables better fit, easy control, and appropriate efficiency. High demand from the ageing population for Orthopedic prosthetics that there is a never-ending market for such products, hence this pushes the market forward.Asia Pacific Orthopedic Prosthetics Market
Currently, the Asia Pacific orthopedic prosthetics market is steadily developing due to increased incidence of diabetes and vascular diseases, an increasing number of elderly people, and the development of medical infrastructure. Another key driver of prosthetic solutions is due to increased car incidence and most especially, rapid urbanization. Asian countries include the likes that invest in health services and technology in the development of prosthetic gadgets such as China, India, and Japan. Increased understanding of prosthetic advantages and availability along with the favourable government policies and insurance policies also drive the growth of the market. With the advancement in economy of the concerned region market of better high-quality Orthopedic Prosthetics is on a rise while our main motive is to enhance the mobility and living standard of an amputee.Orthopedic Prosthetics Company Overview
The key players such as Johnson & Johnson, Össur hf., Smith & Nephew plc, Stryker Corporation, Braun Melsungen AG, Hanger Inc., and Zimmer Biomet characterizes the Orthopedic Prosthetics market.Orthopedic Prosthetics Company News
In March 2022, the exclusive Equinoxe Humeral Reconstruction Prosthesis from Exactech, a developer and manufacturer of cutting-edge implants, equipment, and smart technologies for joint replacement surgery, will be available for clinical usage in Europe.In February 2022, Össur introduced its latest prosthetic knee device, the Power Knee microprocessor. With the help of sophisticated algorithms, the motor-driven smart prosthesis can recognize human movement patterns, learn from them, and instantly adapt to the wearer's pace and cadence.
Product Type - Global Orthopedic Prosthetics Market in 5 Viewpoints :
1. Upper Extremity Prosthetics2. Lower Extremity Prosthetics
3. Liners
4. Sockets
5. Modular Components
Technology - Global Orthopedic Prosthetics Market in 3 Viewpoints :
1. Conventional2. Electric Powered
3. Hybrid Orthopedic Prosthetics
End User - Global Orthopedic Prosthetics Market in 4 Viewpoints :
1. Research Institutes2. Hospitals
3. Diagnostic Laboratories
4. Others
Geography - Global Orthopedic Prosthetics Market
North America
1. United States2. Canada
Europe
1. France2. Germany
3. Italy
4. Spain
5. United Kingdom
6. Belgium
7. Netherlands
8. Turkey
Asia Pacific
1. China2. Japan
3. India
4. Australia
5. South Korea
6. Thailand
7. Malaysia
8. Indonesia
9. New Zealand
Latin America
1. Brazil2. Mexico
3. Argentina
Middle East & Africa
1. South Africa2. Saudi Arabia
3. United Arab Emirates
Company Insights:
- Overviews
- Recent Developments
- Revenue
Company Analysis:
1. Johnson & Johnson2. Össur hf.
3. Smith & Nephew plc
4. Stryker Corporation
5. Braun Melsungen AG
6. Hanger Inc.
7. Zimmer Biomet
Table of Contents
1. Introduction2. Research Methodology3. Executive Summary5. Global Orthopedic Prosthetics Market
4. Market Dynamics
6. Global Orthopedic Prosthetics Market Share Analysis
7. Product Type
8. Technology
9. End User
10. Country
11. Porter’s Five Analysis
12. SWOT Analysis
13. Key Players
Companies Mentioned
- Johnson & Johnson
- Össur hf.
- Smith & Nephew plc
- Stryker Corporation
- Braun Melsungen AG
- Hanger Inc.
- Zimmer Biomet
Methodology
In this report, for analyzing the future trends for the studied market during the forecast period, the publisher has incorporated rigorous statistical and econometric methods, further scrutinized by secondary, primary sources and by in-house experts, supported through their extensive data intelligence repository. The market is studied holistically from both demand and supply-side perspectives. This is carried out to analyze both end-user and producer behavior patterns, in the review period, which affects price, demand and consumption trends. As the study demands to analyze the long-term nature of the market, the identification of factors influencing the market is based on the fundamentality of the study market.
Through secondary and primary researches, which largely include interviews with industry participants, reliable statistics, and regional intelligence, are identified and are transformed to quantitative data through data extraction, and further applied for inferential purposes. The publisher's in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. These analytical tools and models sanitize the data & statistics and enhance the accuracy of their recommendations and advice.
Primary Research
The primary purpose of this phase is to extract qualitative information regarding the market from the key industry leaders. The primary research efforts include reaching out to participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions. The publisher also established professional corporate relations with various companies that allow us greater flexibility for reaching out to industry participants and commentators for interviews and discussions, fulfilling the following functions:
- Validates and improves the data quality and strengthens research proceeds
- Further develop the analyst team’s market understanding and expertise
- Supplies authentic information about market size, share, growth, and forecast
The researcher's primary research interview and discussion panels are typically composed of the most experienced industry members. These participants include, however, are not limited to:
- Chief executives and VPs of leading corporations specific to the industry
- Product and sales managers or country heads; channel partners and top level distributors; banking, investment, and valuation experts
- Key opinion leaders (KOLs)
Secondary Research
The publisher refers to a broad array of industry sources for their secondary research, which typically includes, however, is not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Patent and regulatory databases for understanding of technical & legal developments
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic new articles, webcasts, and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecasts
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 200 |
| Published | July 2024 |
| Forecast Period | 2023 - 2032 |
| Estimated Market Value ( USD | $ 2.14 Billion |
| Forecasted Market Value ( USD | $ 3.58 Billion |
| Compound Annual Growth Rate | 5.8% |
| Regions Covered | Global |
| No. of Companies Mentioned | 7 |
